PMO to review steps to check loan frauds

fraudThe Prime Minister’s Office (PMO) has called a meeting of Finance Ministry officials on Thursday to review steps to tackle rising number of frauds and loan defaults in banking system.

The RBI had put place a new framework to check loan frauds including by way of early warning signals at banks and red flagging of accounts,

The concept of a Red Flagged Account (RFA) is being introduced in the current framework as an important step in fraud risk control.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.